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mortgages overseas
News and Information Article
Name Change to Avis Budget Group, Inc. and One-for-Ten Reverse Stock Split
Expected to Become Effective on the New York Stock Exchange on September 5
Remaining Cendant Corporate Debt Called for Redemption
NEW YORK, Aug. 29 /-FirstCall/ -- Cendant Corporation (NYSE:
CD) announced today that all of the management proposals presented at its
2006 annual meeting of stockholders, held today, have received the
requisite number of votes and have therefore been approved. As a result,
Cendant will be renamed Avis Budget Group, Inc., and a one-for-ten reverse
stock split will be effectuated on the New York Stock Exchange at the
opening of the market on September 5, 2006 and, at that time, its trading
symbol will be changed to "CAR."
Also, on September 5, the Avis Budget Group web site
http://www.avisbudgetgroup.com is expected to be launched and the Companys
corporate headquarters will become 6 Sylvan Way, Parsippany, New Jersey.
Cendant also announced that on September 28, 2006 it will redeem all of
the remaining 6.250% Senior Notes due 2008, 6.25% Senior Notes due 2010,
7.375% Senior Notes due 2013 and 7.125% Senior Notes due 2015, which were
not tendered in the Companys debt tender offers and consent solicitations
completed in July. Approximately $63 million of aggregate principal amount
remains outstanding under such Notes.
About Cendant Corporation
Cendants operations consist of the vehicle rental operations of Avis
Budget Car Rental, LLC. Avis Budget Car Rental is a leading provider of
vehicle rental services with operations in more than 50 countries. Through
its Avis and Budget brands, the company is the largest general-use vehicle
rental operator in each of North America, Australia, New Zealand and
certain other regions. Avis Budget Car Rental is headquartered in
Parsippany, NJ and has more than 30,000 employees. More information about
Cendant, its companies, brands and current SEC filings may be obtained by
visiting Cendants web site at http://www.cendant.com until September 5, 2006.
After September 5, such information can be obtained at
http://www.avisbudgetgroup.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements. Statements preceded by, followed by or
that otherwise include the words "believes," "expects," "anticipates,"
"intends," "projects," "estimates," "plans," "may increase," "may
fluctuate" and similar expressions or future or conditional verbs such as
"will," "should," "would," "may" and "could" are generally forward-looking
in nature and not historical facts. Any statements that refer to
expectations or other characterizations of future events, circumstances or
results are forward-looking statements.
Various risks that could cause future results to differ from those
expressed by the forward-looking statements included in this press release
include, but are not limited to risks related to the high level of
competition in the vehicle rental industry, increased costs for new
vehicles, a downturn in airline passenger traffic, an occurrence or threat
of terrorism, a significant increase in interest rates or borrowing costs
and the Companys ability to make changes necessary to operate following
completion of the separation plan. Other unknown or unpredictable factors
also could have material adverse effects on Cendants and its companies
performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date stated,
or if no date is stated, as of the date of this press release. Important
assumptions and other important factors that could cause actual results to
differ materially from those in the forward looking statements are
specified in Cendants Quarterly Report on Form 10-Q for the period ended
June 30, 2006, including under headings such as "Forward- Looking
Statements," "Risk Factors" and "Managements Discussion and Analysis of
Financial Condition and Results of Operations." Except for the Companys
ongoing obligations to disclose material information under the federal
securities laws, the Company undertakes no obligation to release publicly
any revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events unless required by law.
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